Growth Equity
True Wind Capital
True Wind Capital takes minority stakes in growing companies, usually without full control, from San Francisco, California, United States. It states a focus on software & internet, business & professional services, healthcare & life sciences and financial services.
Stated investment criteria
What True Wind Capital says it buys
Read from True Wind Capital’s own website in August 2026. This is what the firm says it buys, not what anyone has recorded it buying, and figures are shown in the currency the firm itself used - nothing here is converted. Every line links to the page it was read from.
A stated mandate is a firm’s description of itself and was true of the page on the day it was read; firms widen and narrow what they will look at without updating the site. The team figure counts the people the firm shows on one team page, so it is a floor rather than a headcount: firms that split their team across tabs or load it in pages will read low. Nothing here is a commitment by True Wind Capital to consider any particular business, and nothing on this page is represented as being for sale.
SEC filings
What True Wind Capital has raised
From this firm's own Form D filings. A fund files one within fifteen days of its first sale, under penalty of perjury, which makes these the hardest numbers on the page.
| Vehicles filed | 5 |
| Total capital raised | $2.2bn |
| Largest single vehicle | $817m |
| Filing history | 2015 to 2025 |
| Smallest accepted commitment | None stated |
| Filed from | CALIFORNIA |
Form D covers US-domiciled vehicles raised from accredited investors. It will not capture a fund raised outside the United States, separately managed accounts, or capital deployed off balance sheet, so treat these as a floor rather than a total.
Regulatory record
How True Wind Capital is registered
From this firm's Form ADV, the annual filing every registered and exempt investment adviser makes to the SEC.
| Adviser status | SEC registered |
| Regulatory assets under management | $2.1bn |
| Employees | 28 |
| Private funds advised | 12 · $2.1bn gross |
| SEC adviser number | CRD 281109 |
Portfolio
Disclosed holdings
Companies True Wind Capital lists on its own website. No investment years are published.
| Company | Invested | Years held | Recorded transaction |
|---|---|---|---|
| Merative | — | — | — |
| Rover | — | — | — |
| Sun Corporation | — | — | — |
| The Switch | — | — | — |
| Zix | — | — | — |
Compiled from True Wind Capital’s published portfolio page. Where a recorded transaction is shown, that company was the target of a reported deal and has most likely already been realised. Nothing here is represented as being for sale.
Recorded transactions
Buying and selling
Deals in which True Wind Capital is named as buyer or seller in the transaction archive. 1 recorded exit, most recently in 2021. 1 recorded acquisition.
| Company | Side | Counterparty | Year | Consideration |
|---|---|---|---|---|
| Zix | Sold | OpenText | 2021 | $860m |
| LeadVenture | Bought | — | 2017 | $140m |
Compiled from a transaction archive of 10,204 recorded deals. Most private transactions are never disclosed, so this is a sample of a firm’s activity rather than a complete record of it.
Valuation context
Transaction values in Software & Internet
What companies have actually sold for in software & internet, across 2,672 recorded transactions.
The full software & internet picture - most active acquirers, recent transactions and every investor in the sector.
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Comparable investors
Similar mandates
Other growth equity investors active in software & internet.